We will honor drawings under this
Letter of Credit upon our receipt of such a demand certificate (by facsimile to fax number: [***bank fax number***], mail, courier service or by hand) and will make payment to the account specified in the demand certificate, for value no
later than close of business on the next succeeding banking day following our receipt of the demand certificate. If any drawing hereunder does not conform with these terms, we shall promptly notify you of that, state the reason(s) why and hold the
document(s) presented at your disposal (or return them to you if you so request). 

  

 Partial drawings are permitted. 

  

 This letter of credit expires on
[***initial expiry date***] (“Expiry Date”) but shall be automatically extended, without the need for amendment, for one year from the said Expiry Date and annually thereafter unless at least 60 days prior to the then applicable
Expiry Date we have notified you by registered mail that we will not renew the letter of credit for the following year. 

  


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